Should I refinance my mortgage? Comparing current rates and LVR

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BuhlGiraffe

New Member
Hey guys, I'd be keen to start a thread comparing mortgages. Just to get a gauge on what's out there. And to see if refinancing might be worth it for me or you. I'm not a mortgage broker. But I'd suggest commenting anonymously if you're not interested in engaging one. Also, let's try to list rates with the last RBA rate rise factored in—even if it isn't live just yet for you.

1. What is your rate?
2. What is your LVR? Loan amount if you want.
3. What is your loan purpose? (PPOR/investment)

I'll start.

Loan.1: 6.22%, PPOR. LVR is currently 78%, but it was 88% when we got this loan. It has a free redraw facility.

Loan 2: 6.74%, interest only on IP. LVR is 74%. That was around 90% when the loan was taken out.
 
Hey there, just checking in with some thoughts on your loans nothing too serious, just a friendly chat over coffee kind of thing.

So, Loan 1 (your owner occupied one) it's sitting a bit higher than what else is out there. There are some solid, reputable lenders offering 5.84% for that LVR bracket.

And Loan 2 (the investment interest only) that one's on the high side too. Again, plenty of good lenders have similar loans around 6.09% to 6.19%.

Now, I should say there are cheaper options out there, but they come from lenders I wouldn't personally go with or recommend. Just not my style.
 
Rates are not the best.

Unless you also got the extra 0.25%, they are okay but still high.

This may be because you were in mortgage‑insurance territory when you obtained them. Rates are usually higher there.

Consider separating the two properties and using two different banks if keeping them together is a concern.

Also think about your future plans and what changing banks would achieve for you.
 
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